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Bloomberg Live | CEO Insights: Why Closing the Gender Pay Gap Could Save Social Security

Dec 11, 2018

For the first time since 1982, the Social Security program’s annual costs will exceed its income, requiring it to dip into its nearly $3 trillion trust fund. It’s projected the Social Security program will continue dipping into this fund in the years to come, until the fund is completely tapped out in 16 years.

Social Security needs to overcome a $13.2 trillion cash shortfall between 2034 and 2092. An across-the-board benefits cut of up to 21 percent may be needed in order to sustain payouts through 2092.

However, rather than cutting benefits, there’s another option to save Social Security that ensures this valuable national resource continues: closing the gender pay gap.

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